Category: June 2017

OSLO – Shipping magnate John Fredriksen is trying to buy more oil tankers despite a glut of vessels afloat, a looming $10 billion in debt and two failed takeover attempts that have left his empire reeling. The self-made billionaire, who also is a major player in offshore oil drilling and salmon farming, says he is working 17-hour days as he looks to expand his fleet of the most voluminous tankers -- known as very large crude carriers, or VLCCs. He…

Late last month, an oil tanker measuring three football fields long and six stories high moved slowly through the port of Corpus Christi, to test the waters of America's booming crude-export industry. After navigating Aransas Pass around 7 a.m. on May 26, the vessel, Euronav NV's Anne, didn't pick up any oil. But its arrival in the humid air of South Texas marked the first time a tanker of that size had called on a U.S. terminal in the Gulf…

Oil prices rose to a two-week high on Thursday, extending a rally into a sixth straight session after a decline in weekly U.S. production eased concerns about deepening oversupply. Crude prices slipped to the lowest in 10 months last week but have since rebounded more than 7 percent, stretching their bull-run to the longest since April. Global benchmark Brent crude futures LCOc1 were up 35 cents at $47.66 a barrel at 1058 GMT, having touched a two-week high of $47.83…

Oil prices rose early on Monday on a weaker dollar, but increased U.S. drilling activity stoked worries that a global supply glut would persist despite efforts by some producers to curb output. Brent crude futures were up 24 cents, or 0.53 percent, at $45.78 per barrel at 0047 GMT. U.S. West Texas Intermediate (WTI) crude futures were up 21 cents, or 0.49 percent, at $43.22 per barrel. The U.S. dollar index stayed low on Monday against a basket of currencies…

The oil price crash that started in 2014 has affected not only corporate profits and drilling plans. It has had a huge economic impact on the areas around the U.S. shale plays. The 21 counties directly or indirectly involved in production of Eagle Ford in South Texas saw a record-high economic impact of US$123.3 billion in 2014. During the subsequent two years of low oil prices, Eagle Ford’s impact dropped to close to US$49.8 billion in 2016, a new report by…

Late last month, an oil tanker that measures three football fields long and six stories high moved slowly through the port of Corpus Christi, Texas, to test the waters of America’s booming crude-export industry. After navigating the Aransas pass around 7 a.m. on May 26, the vessel, Euronav NV’s Anne, didn’t pick up any oil. But its arrival in the humid air of South Texas marked the first time ever a tanker of that size had called on a U.S.…

Oil prices ended down more than 2 percent on Wednesday after hitting a 10-month low in volatile trade, as growing U.S. production and reduced Chinese refinery activity fed mounting concern over the stubborn global crude glut. U.S. crude futures CLc1 settled at $42.53, down 98 cents or 2.3 percent, after touching a low of $42.13, the lowest intraday level since August 2016. Since peaking in late February, crude has dropped more than 20 percent, with only brief rallies. More than…

Natural gas prices dropped Monday on updated forecasts for a cooler early summer across the Midwest and Northeast, meaning utility customers will use a lot less air conditioning. The natural gas industry typically sees a surge in demand in summer months as utilities meet increased power demand from air conditioning by consumers and businesses. Natural gas futures for July were trading at $2.89 per Mmbtu, a decline of 4.5 percent. "When you look at basically Chicago to Boston in the…

Tropical Storm Cindy has halted service at a major oil terminal in the Gulf of Mexico, prompted some evacuations at rigs and platforms and put states from Texas to Florida on notice for life-threatening floods. Cindy was 200 miles (322 kilometers) southeast of Galveston, Texas, with top winds of 60 miles an hour early Wednesday. Its center is forecast to move inland over southeastern Texas or southwestern Louisiana Thursday, according to a U.S. National Hurricane Center advisory issued at 7…

Many large oil and gas companies have found the prospect of drilling new wells and operating in new areas to be unattractive. The reasoning is sound enough — if certain plays are not profitable with an oil price within the $40-$50 range, then why pursue those options? This explains the decline in offshore production and the rise of shale production in the northeast. However, Oklahoma seems to still be a place where companies are willing to begin anew with fresh…